A Phoenix Arizona Indemnity Agreement is a legal document that outlines the terms and conditions for indemnification between a corporation and its directors, officers, employees, and agents. This agreement is designed to protect these individuals from potential financial losses or liabilities incurred while acting on behalf of the corporation. The Indemnity Agreement typically contains various provisions that specify the extent to which the corporation will indemnify its directors, officers, employees, and agents. It outlines the circumstances under which indemnification is applicable, including legal actions, investigations, or disputes arising from their official duties. In Phoenix, Arizona, there can be different types of Indemnity Agreements that a corporation may enter into with its directors, officers, employees, and agents. Some common types include: 1. Standard Indemnification Agreement: This is the most basic form of agreement that offers indemnification coverage to directors, officers, employees, and agents in case they face legal action or liabilities arising from their corporate duties. It typically covers defense costs, settlement amounts, and judgments. 2. Advancement of Expenses Agreement: This agreement provides for the advancement of legal expenses to directors, officers, employees, and agents while a legal action or investigation is ongoing. It ensures that they have the necessary resources to defend themselves in such situations. 3. Indemnification and Insurance Agreement: This type of agreement not only offers indemnification but also requires the corporation to maintain appropriate insurance policies to further protect the individuals covered. It provides an additional layer of security and financial protection for the directors, officers, employees, and agents. 4. Limited Scope Indemnity Agreement: In some cases, a corporation may limit the scope of indemnification, specifying certain conditions under which it will not provide coverage. This type of agreement outlines the precise terms and limitations for indemnity, ensuring both parties are aware of the boundaries. It is important for both the corporation and the individuals involved to carefully review and understand the terms of the Phoenix Arizona Indemnity Agreement. Seeking legal counsel is highly recommended ensuring the agreement is comprehensive, legally binding, and tailored to meet the specific needs and requirements of all parties involved. Keywords: Phoenix Arizona, Indemnity Agreement, corporation, directors, officers, employees, agents, legal document, indemnification, financial losses, liabilities, official duties, legal actions, investigations, disputes, standard, advancement of expenses, insurance, limited scope, legal counsel.
Phoenix Arizona Indemnity Agreement between corporation and directors officers employees and agents of corporation
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How to fill out Phoenix Arizona Indemnity Agreement Between Corporation And Directors Officers Employees And Agents Of Corporation?
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FAQ
Put simply, indemnity is a contractual agreement between two parties, where one party agrees to pay for potential losses or damages claimed by a third party.
These agreements promise to (1) advance legal fees, and (2) pay loss (indemnification) on behalf of an individual should he or she be named in a lawsuit in his or her capacity as a director or officer of the company.
Yes it does. In a lawsuit or proceeding brought by a third party ? those outside of the company and not in a derivative manner on behalf of the corporation ? directors and officers may be indemnified for actual and reasonably incurred expenses, including attorney's fees, judgments, fees and amounts paid in settlement.
There are 3 levels of indemnification: broad form, intermediate form, and limited form. This requires the indemnitor to pay not only for its liabilities but also for the indemnitee's liability whether the indemnitee is solely (i.e. 100%) at fault or partially at fault.
Indemnity is a contractual agreement between two parties. In this arrangement, one party agrees to pay for potential losses or damages caused by another party.
Modification: As opposed to indemnification and advancement rights created by the company's organizational documents, which may be amended by the board or shareholders, indemnification agreements allow the director or officer to prevent the company from unilaterally terminating or reducing the indemnitee's rights.
The most common forms of indemnity agreements are broad form indemnity agreements, intermediate type indemnity agreements, and comparative form indemnity agreements. The usage of these agreements depends on the industry.
Section 232: Provisions protecting directors from liability This section prohibits a company from exempting a director from, or indemnifying him against, any liability in connection with any negligence, default, breach of duty or breach of trust by him in relation to the company.
Accordingly, a company may provide certain indemnities to its directors for any liability arising out of any act done in his professional capacity, excluding intentional criminal conduct.
An indemnity agreement is a contract that protects one party of a transaction from the risks or liabilities created by the other party of the transaction. Hold harmless agreement, no-fault agreement, release of liability, or waiver of liability are other terms for an indemnity agreement.?